{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication with currency hedging using FX forward contracts. Securities lending introduces counterparty risk, index is hedged.",
        "classification": "complex",
        "supporting_data": "The iShares MSCI Japan GBP Hedged UCITS ETF uses synthetic replication (currency hedging with FX forward contracts), making its structure and risks less transparent to retail investors (MiFID II, Article 25, Delegated Regulation EU 2017/565 Article 57).  The use of FX forward contracts to hedge the currency risk introduces counterparty risk, as noted in the 'Counterparty Risk' section of the provided Key Investor Information document. (MiFID II Article 25(3)). Synthetic replication, relying on derivatives (e.g., total return swaps) to achieve its objective.  The complexity of the hedging strategy, which may involve rolling costs and potential contango or backwardation effects (implied in forward currency contracts, although this is not directly explicit from the information provided), makes the investment less easily understood (MiFID II, Article 25, Delegated Regulation EU 2017/565 Article 57, Section 4)."
    }
}